(1) Where the Director is of the opinion an international private mutual fund registered under this Act—
(a) is or appears likely to become unable to meet its obligations as they fall due;
(b) is carrying on business in a manner detrimental to its investors;
(c) is winding up its business voluntarily or in a manner that is prejudicial to its investors or creditors;
(d) has contravened this Act or the Regulations;
(e) has failed to comply with a condition of its registration;
(f) is declared bankrupt;
(g) has been convicted of an offence pursuant to this Act or of a criminal offence in any country or jurisdiction;
(h) has knowingly or wilfully supplied misleading or inaccurate information or failed to disclose information required for the purpose of this Act or the Regulations,
the Director may do any of the things listed in subsection (2).
(2) Where any of the incidents referred to in subsection (1) have occurred the Director may do as follows –
(a) impose conditions upon the international private mutual fund and may amend or revoke any such conditions.;
(b) cancel the registration of the international private mutual fund;
(c) require such action to be taken by the international private mutual fund as the Director considers necessary.
(3) An international private mutual fund may within 7 days of receipt of notice of the Director's decision pursuant to subsections (1) and (2) apply to the Minister for a reconsideration of the Director's decision.
(4) Where the Director cancels the registration of an international private mutual fund the Director may apply to the Court for an order that the international private mutual be wound- up forthwith.
(5) Where the Director cancels the registration of an international private mutual fund the Director shall cause notice of such revocation to be published in the Gazette and may cause the notice to be published, whether in Saint Lucia or elsewhere in such newspaper or other publication as the Director may consider necessary in the circumstances.